Otago Property Investors Association Inc

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01-04-2009

Kiwibank hikes 2 to 5-year mortgage rates

NZHERALD

Kiwibank has raised its 2, 3, 4 and 5 year mortgage rates this morning, bringing them into line with rate hikes announced by the other bigger banks over the last week.

Kiwibank lifted its key 2 year rate to 6.19 per cent from 5.99 per cent and lifted its 5 year rate to 7.60 per cent from 7.25 per cent.

Meanwhile BNZ announced it had cut its 6 month mortgage rate to 5.5 per cent from 5.79 per cent, while it increased its 2, 3, 4 and 5 year mortgage rates.

This means BNZ's fixed mortgage rate curve is clearly positive and with a full 200 basis points now between its 6 month rate at 5.5 per cent and its 5 year rate at 7.5 per cent.

* interest.co.nz's mortgage rates table

- INTEREST.CO.NZ

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